BMW 2014 Annual Report Download - page 163

163 GROUP FINANCIAL STATEMENTS
46
Declaration with respect to the Corporate
Governance Code
The Board of Management and the Supervisory Board
of Bayerische Motoren Werke Aktiengesellschaft
have issued the prescribed Declaration of Compliance
the
appropriate portion of transactions eliminated on
consolidation. The remaining 51 % of the transactions
continue to be reported in the Group Financial State-
ments (non-consolidated portion) and are described be-
low. Prior year figures have been adjusted accordingly.
All relationships with the joint operations are attributa-
ble to the ordinary activities of the entities concerned.
All transactions were conducted on the basis of arm’s
length principles. At 31 December 2014, loans receiva-
ble from the joint operations amounted to € 111 million
(2013*: € 52 million). Interest income recognised on
these loans amounted to € 2.4 million (2013*: € 1.4 mil-
lion) in the financial year 2014. Goods and services re-
ceived by Group companies from the joint operations
during the twelve-month period totalled € 62 million
(2013*: € 18 million). Amounts payable to the joint oper-
ations at the end of the reporting period totalled € 5 mil-
lion (2013*: € 4 million).
The BMW Group maintains normal business relation-
ships with associated companies. Transactions with
these companies are small in scale, arise in the normal
course of business and are conducted on the basis of
arm’s length principles.
Stefan Quandt is a shareholder and Deputy Chairman
of the Supervisory Board of BMW AG. He is also the
sole shareholder and Chairman of the Supervisory
Board of DELTON AG, Bad Homburg v. d. H., which, via
its subsidiaries, performed logistic-related services for
the BMW Group during the financial year 2014. In addi-
tion, companies of the DELTON Group used vehicles
provided by the BMW Group, mostly in the form of
leasing contracts. Stefan Quandt is also the indirect ma-
jority shareholder of Solarwatt GmbH, Dresden. Co-
operation arrangements are in place between BMW AG
and Solarwatt GmbH, Dresden, within the field of
pursuant to § 161 of the German Stock Corporation
Act. It is reproduced in the Annual Report 2014 of the
BMW Group and is also available to shareholders on
the BMW Group website at www.bmwgroup.com / ir.
electromobility. The focus of this collaboration is on
providing complete photovoltaic solutions for rooftop
systems and carports to BMW i customers. Solarwatt
GmbH, Dresden, leased vehicles from the BMW Group
in 2014. The service, cooperation and lease contracts
referred to above are not material for the BMW Group.
They all arise in the normal course of business and are
conducted on the basis of arm’s length principles.
Susanne Klatten is a shareholder and member of the
Supervisory Board of BMW AG and also a shareholder
and Deputy Chairman of the Supervisory Board of
Altana AG, Wesel. Altana AG, Wesel, acquired vehicles
from the BMW Group during the financial year 2014,
mostly in the form of lease contracts. These contracts
are not material for the BMW Group, arise in the course
of ordinary activities and are made, without exception,
on the basis of arm’s length principles.
Apart from vehicle lease contracts concluded on an
arm’s length basis, companies of the BMW Group have
not entered into any contracts with members of the
Board of Management or Supervisory Board of BMW
AG. The same applies to close members of the families
of those persons.
BMW Trust e.V., Munich, administers assets on a trustee
basis to secure obligations relating to pensions and
pre-retirement part-time work arrangements in Germany
and is therefore a related party of the BMW Group in
accordance with IAS 24. This entity, which is a registered
association (eingetragener Verein) under German law,
does not have any assets of its own. It did not have any
income or expenses during the period under report.
BMW AG bears expenses on a minor scale and renders
services on behalf of BMW Trust e. V., Munich.
47
Shareholdings of members of the Board of Management
and Supervisory Board
The members of the Supervisory Board of BMW AG hold
in total 27.61 % (2013: 27.62 %) of the issued common
and preferred stock shares, of which 16.06 % (2013:
16.07 %) relates to Stefan Quandt, Germany, and 11.54 %
(2013: 11.55 %) to Susanne Klatten, Germany. As at
the end of the previous financial year, shareholdings of
members of the BMW AG Board of Management account,
in total, for less than 1 % of issued shares.
* Prior year figures have been adjusted in accordance with IAS 8, see note 9.